PENGU Price newest move into SoFi’s crypto offerings is drawing fresh attention to PENGU, yet fading technical momentum indicates the token still requires stronger buying pressure before it can recover.
Pudgy Penguins revealed on X that its PENGU token can now be bought, sold, and held through SoFi, a nationally chartered bank serving over 15 million members. This move widens the token’s reach among SoFi customers, even as PENGU’s price behavior and derivatives figures paint a mixed view of market sentiment. As of press time, PENGU price is trading at $0.007468, a 0.70% decline over the last 24 hours.
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PENGU Price Trades Below Key Resistance Around $0.00927
On the daily TradingView chart, PENGU is trading under its 20-day simple moving average (SMA) of $0.008383. The token has likewise slipped beneath the marked resistance level of $0.009273, a sign that buyers have not yet retaken control after the recent pullback.
According to the Bollinger Bands, the upper boundary sits at $0.009980 and the lower boundary at $0.006787. Since PENGU is trading nearer the lower band, the chart points to persistent selling pressure, though a push toward that lower boundary would not necessarily signal a reversal.
Could PENGU Price Climb Back Above $0.00838?
On the provided chart, the $0.007879 level marks a potential near-term resistance level. A rebound above it could let PENGU move toward its 20-day SMA at $0.008383, with $0.009273 acting as the next marked resistance.
To the downside, the lower Bollinger Band at $0.006787 offers a reference point to monitor should selling persist. Because the chart omits RSI and MACD readings, those indicators cannot verify whether the token is oversold or building bullish momentum.
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SoFi Listing Expands PENGU’s Potential Reach
The official Pudgy Penguins account confirmed that PENGU can be bought, sold, and held on SoFi. The post emphasized the platform’s membership of over 15 million people, framing the integration as another step toward broader token access.
The announcement may raise awareness of PENGU among eligible SoFi customers. Even so, the available information does not establish how many users will actually buy the token or whether the integration has created additional demand.
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What Can CoinGlass Data Tell Us About the PENGU Price?
According to CoinGlass data, open interest has been falling from its late-September peak to roughly $123 million by October 19. During that same stretch, PENGU’s price dropped from about $0.010 to around $0.0075, suggesting that the decline has coincided with a reduction in outstanding derivatives positions.
The volume chart likewise indicates that trading activity has tapered off from its late-September high. At the same time, the liquidation chart shows a notable spike in long liquidations around October 8, hitting roughly $4 million on the chart’s scale.
Such signals suggest shifting trader positioning, yet on their own they cannot determine whether the next move will be bullish or bearish.
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Could the SoFi News Give PENGU Price Fresh Momentum?
PENGU’s technical setup is still weak, with the price trading under its moving average and below the $0.009273 resistance level. A sustained rebound above $0.008383 would offer an early indication that momentum is improving.
The SoFi integration could serve as an adoption catalyst, though how much it actually boosts buying activity is still unclear. To judge whether the announcement lines up with a meaningful recovery, traders can watch price action, derivatives positioning, and trading volume.
Crypto markets are still highly volatile, so traders should keep an eye on price action, market sentiment, and upcoming catalysts before making any investment decisions.
Also Read: PENGU Price Forms Double Bottom as Analyst Sees 700% Upside
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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